When sending money overseas to a CIMB Bank account in Labuan, Malaysia, navigating the various bank codes can be confusing. Selecting the wrong SWIFT code may result in delays or failed transactions. This article provides a detailed breakdown of CIMB Bank (Labuan)'s SWIFT code to ensure smooth cross-border transfers.
SWIFT/BIC Codes: A Bank's International Identifier
SWIFT codes (Society for Worldwide Interbank Financial Telecommunication) and BIC codes (Bank Identifier Codes) are interchangeable terms referring to a unique identifier for global banks. Functioning as a bank's "international ID," these codes play a critical role in ensuring funds reach the correct destination securely and efficiently.
CIMB Bank (Labuan)'s Primary SWIFT Code: CIBBMYKAXXX
The primary SWIFT/BIC code for CIMB Bank (Labuan) Limited is CIBBMYKAXXX . The code is structured as follows:
- CIBB: Bank code for CIMB Bank.
- MY: Country code for Malaysia.
- KA: Location code for Labuan.
- XXX: Branch code (default for the head office).
When to Use CIBBMYKAXXX
The primary SWIFT code CIBBMYKAXXX should be used in the following scenarios:
- International transfers to CIMB Bank (Labuan): This is the standard code for sending funds from abroad.
- Recipient does not provide a specific branch code: If only the bank name and account details are available, this code serves as a default.
- Centralized payment processing: Some banks route international payments through their head office, making this code applicable even for transfers to different branches.
- General-purpose transactions: When a widely accepted default code is needed.
Branch-Specific SWIFT Codes: Key Considerations
While CIBBMYKAXXX is the primary code, individual branches may have unique identifiers. To avoid complications:
- Confirm with the recipient: Always verify the correct SWIFT code with the account holder.
- Contact CIMB Bank (Labuan): If the recipient cannot be reached, consult the bank's customer service for branch-specific codes.
Risks of Using an Incorrect SWIFT Code
Errors in SWIFT codes may lead to:
- Transfer delays: Banks may require additional time to identify the correct recipient.
- Returned funds: Transactions may be reversed if the bank cannot match the incorrect code.
- Additional fees: Banks may charge extra for resolving issues caused by incorrect codes.
How to Verify SWIFT Codes
Online SWIFT code directories can assist in locating bank identifiers, but cross-referencing with the recipient or bank is recommended for accuracy.
About CIMB Bank (Labuan)
CIMB Bank (Labuan) Limited is a subsidiary of CIMB Group, a leading Southeast Asian financial services provider. The bank offers corporate, investment, and Islamic banking services, operating within Labuan's International Business and Financial Centre (IBFC).
Conclusion
Using the correct SWIFT code is essential for seamless international transfers. While CIBBMYKAXXX serves as CIMB Bank (Labuan)'s primary identifier, confirming branch-specific codes with the recipient or bank ensures successful transactions.
Appendix: CIMB Bank (Labuan) Details
- Bank Name: CIMB Bank (L) Limited
- SWIFT Code: CIBBMYKAXXX
- Address: Financial Park, Jalan Merdeka
- City: Labuan
- Country: Malaysia